Jeremy Lin is turning in to the NBA’s new cash cow and the stock prices for the Madison Square Garden Co., are at a record high.
Business Week has more details:
Jeremy Lin has helped drive shares in his boss, Madison Square Garden Co., to a record high and produced the National Basketball Association’s best-selling jersey just over a week after he was a substitute at the end of the New York Knicks’ bench. […] The jersey is the NBA’s top online seller since Feb. 4, when Lin first dazzled NBA fans. Sales of Knicks merchandise are higher than any other team in the league since then, with the team accounting for five of the 10 most popular items.
Linsanity is also trickling down to re-selllers:
"Just last week I was reading in the paper about him for the first time," Miguel Gutierrez, the 28-year-old assistant manager at Modell’s, said in an interview. "I didn’t see this coming. We’re pretty much going to be getting new stuff every day."
And then there’s the serious money:
Shares in Madison Square Garden, which also owns the National Hockey League’s New York Rangers, climbed 3.7 percent to $32.31 today at 12:00 p.m., after trading at a record-high $33.18 earlier this morning. It’s up 10 percent since Feb. 3, the day before the team’s winning run began. Madison Square Garden, now valued at $2.44 billion, was spun off by Cablevision Systems Corp. in February 2010.